Real Estate Information Archive

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The first quarter results for real estate activity have been calculated by the Central Penn Multi-List, which serves the greater Harrisburg, PA region. Sales declined from the 1st quarter, 2007 to the 1st quarter, 2008 by 22%, or 401 less in sales. The number of days on the market increased by 12 days, quarter over quarter and the average sales price declined by 1% in the same period. The good news – yes there is good news – the median sales price increased quarter over quarter and the overall median price is the highest since the 3rd quarter 2007. The number of homes on the market for sale has increased ever so slightly since last year’s 4th quarter. BUT for some more good news for buyers and sellers today is that interest rates are in the 6% - 6 1/4% range, so the affordability is still in the market for buyers who are looking for a home.

To provide some additional perspective, I have segmented the West Shore municipalities:

2007 Sales

SP

DOM

2008 Sales

SP

DOM

Camp Hill

17

$184,668

36

27

$217,223

76

Hampden Twp.

92

297,834

72

82

278,067

76

Mechanicisburg

34

179,687

45

20

166,196

54

New Cumberland

19

135,321

34

15

138,040

60

Lemoyne

8

155,363

53

12

156,983

36

East Pennsboro

58

185,091

33

52

199,954

51

Lower Allen

44

208,620

43

35

174,730

44

Upper Allen

61

255,657

36

30

260,518

75

Fairview

32

278,281

64

28

273,860

79

Silver Spring

38

272,991

43

36

240,295

82

In my opinion, the real estate market is still adjusting to the turmoil nationally, but 2007 was still the fourth best sales year ever in the Greater Harrisburg market. And from what I am seeing, there are many qualified buyers that are looking to buy a home. Are the sales prices somewhat less than last year? Yes, but many homeowners have still experienced a very nice appreciation over the last few years. Finally, demand will increase, and we will see positive results going forward. If you have any questions please contact me at Don@DonRoth.com or visit www.DonRoth.com.